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January 21, 2022
BUSINESS COMPANIES ECONOMY FINANCE&BANKING

UK doubles financial support for Romania to offer a boost to bilateral commercial ties

The UK is committing to offer a financial support worth 4 billion GBP in order to help British exporters and Romanian importers to boost their commercial exchanges. For the first time, these funds will be earmarked in lei, a release of the Embassy of the UK in Bucharest, quoting UK’s Minister of State for Trade and Investment Greg Hands informs.

The minister, who is in Bucharest, announced new forms of supporting the trade with Romania.

According to the quoted source, Greg Hands announced on Friday that the British Government will double its financial support granted to Romania in order to offer a boost to the bilateral commercial ties.

The release mentions that the UK Export Finance, which is a British governmental agency for export, will increase the amount offered as support to 4 billion GBP, in order to help British exporters and Romanian importers to intensify their commercial exchanges. The financial support is granted in lei, and Romanian businessmen can access these funds when choosing to work with British suppliers.

The announcement comes after Greg Hands met in Bucharest with Romanian governmental officials and with representatives of the City Hall, as well as with Romanian and British businessmen. The UK Minister and Minister for Business Environment, Trade and Entrepreneurship Ilan Laufer attended an event organised by the British Romanian Chamber of Commerce (BRCC), which was attended by more than 80 businessmen.

The British Minister of State has met afterwards with Secretary of State with the Energy Ministry Andrei Maioreanu and Manager of Bucharest City Sorin Chirita.

Greg Hands, who recently has received in his portfolio responsibilities regarding London, talked with Sorin Chirita about the manner in which the British use new technologies such as “big data,” automatic machines and new transport infrastructure. All these have the role to improve the lives of inhabitants of the growing cities, such as London. The Minister talked about how Bucharest can use this expertise in the context of restoring the Old Town and other urban development projects.

Giving that the Minister is an old supporter of the British-Romanian relations, he stated he is glad to be in Bucharest to discuss with the Romanian colleagues about the strengthening of our commercial ties.

The commercial exchanges between Romania and the UK worth 3.6 billion GBP, recording an increase of over 5 percent in the first five months of 2017; this figure is also the result of over 5,000 British companies operating in Romania. Greg Hands added he is confident that this relation will continue to develop and thrive, bringing new opportunities for the business sector and for consumers.

The release mentions that Greg Hands is an old friend of Romania, who was the chair of the Parliamentary Friendship Group for Romania – a position from which he promoted the bilateral relations in the British Parliament. He was one of the main guests of the event organised by the European Bank for Reconstruction and Development (EBRD) in London, where he highlighted the strength and potential of the Romanian economy.

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